Home equity line of credit, or HELOC, programs allow borrowers to access funds on established lines of credit as needed, facilitating the ability to better manage funds and minimize interest costs. The HELOC option also allows for flexible repayment options, which means more affordable payments for the home equity borrower. Home Equity Line of Credit, or HELOC, program draw period (or initial period) requires interest only payments on the amount advanced on the line reducing the minimum monthly payment and interest paid compared to interest on the full available line. Increased access to funds and repayment options, combined with the lower interest rates and potential tax savings associated with all home equity options, make the HELOC program an attractive option to borrowing for many Texas homeowners.